The Business Cycle Perspective Behavior And Competitive Advantage Of Chinese Semiconductor Enterprises

This paper studies the cycle management behavior of some enterprises in the semiconductor industry and explores the impact of different corporate behaviors on the competitive advantage of enterprises at different stages of the business cycle.Based on the theory of enterprise behavior,the theory of competitive advantage and the theory of business cycle,this paper studies the differentiated performance of different enterprises in the semiconductor industry at different stages of the business cycle.Based on the analysis of whether the differences in the competitive advantage of the enterprises in the same industry are related to the business Cycle management,aimed at help the semiconductor industry to identify the stage of the business cycle,to grasp the best time to implement the cycle management behavior,so as to provide recommendations to obtain long-term competitive advantage.In this paper,the structure is divided into six chapters:the introduction,literature review,business cycle identification and characteristics,research methods and hypothesis,case analysis,conclusions and research prospects.In the introduction section,this paper introduces the research question,the meaning and the general idea of the paper;In the literature review section,the paper introduces the different types of economic cycles and combs the classical research on the relationship between business cycle management and corporate performance.In this part of the economic cycle and its characteristics,use the method of trough-trough division to divide the Kinchen cycle and the Jugla cycle of the semiconductor industry,and combs the Chinese macro economy characteristics in different business cycle stage;In the part of research method and hypothesis,this article according to industry characteristic and logical derivation to put forward seven hypothesis,and to select seven companies to do comparative analysis in the semiconductor industry;case analysis in accordance with the different corporate behavior,summed up the corporate behavior in a business cycle changes;And then summarizes the results of this paper,discuss the relevant issues,and point out the limitations of this paper and put forward the future research prospects.The results show that firms with stronger competitive advantages in the semiconductor industry are more cyclically managed in part than those with weak competitive advantages.In particular,excellent firms have more counter-cyclical management in terms of accounts receivable,borrowing,inventory control and fixed asset investment;.The two companies did not show significant differences in stock and bond financing,mergers and acquisitions,and employment behavior.Cycle management behaviors affect the competitive advantage of the enterprise,enterprises should seize the opportunity to adjust the behavior of enterprises,reaction before competitors in the face of changes of the business cycle.